South Korea offers shipbuilding investment to U.S. ahead of tariff deadline | investingLive

South Korea has proposed a major shipbuilding investment package to the United States, titled “Make American Shipbuilding Great Again” (MASGA), ahead of the August 1 tariff negotiation deadline, according to government sources cited by Yonhap.

The package includes large-scale investments by South Korean private shipbuilders in the U.S., along with financial support such as loans and guarantees backed by institutions like the Export-Import Bank of Korea.

South Korean Industry Minister Kim Jung-kwan presented the proposal to U.S. Commerce Secretary Howard Lutnick during talks in New York on Friday. Lutnick reportedly responded positively, expressing satisfaction with the offer.

South Korea’s Finance Minister Koo Yun-cheol is also expected to visit Washington this week and meet with Treasury Secretary Scott Bessent on Thursday to continue the discussions.

The goal is to finalize a trade agreement before August 1, which would reduce or eliminate a 25% reciprocal tariff and other sector-specific duties that were imposed on South Korean goods on April 9 but temporarily suspended for 90 days. The U.S. has signaled that enforcement will resume unless a deal is reached by the deadline.